Yup! I have Bag Lady Syndrome, a fear of ending up on the street as a bag lady. Far-fetched and irrational, but persistent and terrifying, nonetheless.
I tell myself:
1) from my current point, the things that could bankrupt me are things that I'll see coming (or that will take time to fully clean out my assets.) I will have the opportunity to adjust course and compensate for hardships. There will be no light switch that instantaneously renders me destitute.
2) Social safety net. Worst-case scenario, welfare. If you're a senior, CPP, plus OAS and GIS. There will be no flying first class in that case, but you won't starve or be on the street.
Knowing my personality, I am much more likely to over-save and hoard money than run out. If you're like me, remind yourself not to ensure a sub-optimal life now simply out of fear that things might possibly be non-ideal in the future.